> <GO>
connecting…

Mid% = kimchi-style premium: + means USDT is dearer locally than official FX implies. 1H = median premium, last hour.

Median mid premium per currency. Click a tile, or type its code, for the currency page.

Commands

Type anywhere to reach the command line. Keys 1–7 switch functions, / jumps to the filter, Esc goes back.

What it measures

premium(ccy, venue) = USDT price in ccy / official ccy-per-USD − 1

The kimchi premium (Upbit KRW-USDT vs the won rate) applied to every currency with a USDT market: exchange order books where they exist, Binance P2P for the rest (about 85 fiats).

Forward cycle · USDT at a premium

USD → buy USDT on a US venue (ask) → send → sell locally (bid) → local fiat
 ▲                                                                   │
 └──────── remittance partner wires it back at FX mid − remit cost ◀──┘

Reverse cycle · USDT at a discount

USD → remit to local fiat → buy USDT locally (ask) → send → sell on a US venue (bid) → USD

Columns

Premium% / Discount%
Gross edge of the local price against the USD price of USDT, before any fee.
Net% · Net $
What the cycle returns on the notional after every cost in the panel.
BE remit%
The most your remittance partner can charge, all-in, for the cycle to break even.

Caveats

  • Top of book only. A $100k sale moves thin books; depth is not modelled.
  • The remittance leg is priced at the official daily mid minus your cost assumption, not a live partner quote.
  • Not modelled: settlement time, KYC and outbound limits, capital controls, tax.
  • Where a parallel FX market exists, the premium mostly measures that gap, not an arbitrage.
  • P2P quotes depend on payment method and size; books wider than the spread limit are dropped.
MSG

    USDT premium vs official exchange rates, live, in every country

    arbmonitor tracks the price of USDT (Tether) in 65+ local currencies and compares it with the official exchange rate: the kimchi premium, generalised to every market with a USDT order book or a Binance P2P market. For each country it also prices a full round trip from US dollars and back through a remittance partner, so you can see what is left after exchange fees, network fees and the cost of moving fiat.

    Type a currency code in the command line above (for example KRW, ARS or NGN) or pick a market below.

    USDT premium by currency

    Questions

    What is the USDT premium?
    It is how much more (or less) a USDT costs in local currency than the official exchange rate implies: USDT price in local currency divided by the official local-per-USD rate, minus one. A positive premium means dollars-on-chain are dearer locally than in the official market.
    What is the kimchi premium?
    The kimchi premium is the same measure for South Korea: crypto on Korean won exchanges such as Upbit and Bithumb trading above global prices. arbmonitor computes it for every currency with a USDT market.
    How is the remittance cycle calculated?
    Forward: buy USDT with dollars on a US venue, send it to a local exchange, sell it for local currency at the bid, and wire the local currency back to the US at the official mid rate minus your remittance cost. Reverse runs the other way when USDT trades at a discount. Every fee in the cost panel is applied and the table shows the net result per cycle.
    Where does the data come from?
    Public WebSocket and REST APIs of Binance, OKX, Bybit, Upbit, Bithumb, Kraken, Coinbase and about fifteen local exchanges, Binance P2P adverts for about 85 currencies, and official reference rates from open.er-api.com.
    Is this financial advice?
    No. arbmonitor shows top-of-book prices and a simple cost model. It ignores order-book depth, settlement time, KYC and transfer limits, capital controls and tax, and a large premium often reflects a parallel exchange rate rather than an arbitrage.